For each of the following determine whether or not there is arbitrage. If arbitrage exists, then give a trading strategy and determine the profit. The strategy should have a time 0 cost of 0. a) For a non-dividend paying stock with So = 32, p = 2.40, c = 6.50, T = 0.75, r = 8% and K = 35. b) For a non-dividend paying stock with So = 85, p = 8.40, c = 22.50, T = 2, r = 6% and K = 78. For each of the following determine whether or not there is arbitrage. If arbitrage exists, then give a trading strategy and determine the profit. The strategy should have a time 0 cost of 0. a) For a non-dividend paying stock with So = 32, p = 2.40, c = 6.50, T = 0.75, r = 8% and K = 35. b) For a non-dividend paying stock with So = 85, p = 8.40, c = 22.50, T = 2, r = 6% and K = 78